Tiffany from CrossCountry Mortgage talks about two game-changing products.
First, let’s talk about reverse mortgages. While you may have heard of it, there are some incredible features that often go unnoticed. Contrary to popular belief, a reverse mortgage isn't just for refinancing. In fact, you can actually use it to purchase a home. If you're over 62 years old, you can calculate how much money you need to put down, and the best part is that you won't have any mortgage payments to worry about.
Instead of paying for a home in cash—let's say you decide to put down 50%—with a reverse mortgage, you won't have to make monthly mortgage payments from your bank account. The principal balance increases every month using the funds that would have gone towards mortgage payments, but you won't need to withdraw that money from your bank account. Also, did you know that the equity in your home can actually work for you by earning interest? Currently, the prime interest rate is 8%. With a reverse mortgage, you can earn prime plus half, which means you can earn 8.5% on the equity in your home through an equity line.
"You can proceed without contingencies by accessing the equity in your house before finding a new one."
The other product Tiffany wants to share is the basic equity line. This product comes in handy when you want to make a non-contingent offer on a new house. Typically, when you need to sell your current house before buying a new one, sellers may hesitate to accept such contingencies. However, with this product, you can proceed without contingencies by accessing the equity in your house before finding a new one. If you decide to list your home and purchase a new one simultaneously, we can provide you with enough equity in cash for a down payment, eliminating the need to sell your current house first.
What sets this product apart is the efficiency of its approval process and closing period. Unlike the typical 30-day process, this product offers a five-hour approval and a five-day closing. By the time you complete the necessary tasks to list your home, you will already have the funds in hand, eliminating any delays.
If you have any questions about these two products or need guidance with your real estate journey, feel free to reach out to call or email us anytime.